New financing to enhance support for women-led SMEs

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New financing to enhance support for women-led SMEsMANILA — The Asian Development Bank (ADB) has received US$ 二0. 二 million f

New financing to enhance support for women-led SMEs

MANILA — The Asian Development Bank (ADB) has received US$ 二0. 二 million from the Women Entrepreneurs Finance Initiative (We-Fi) to support women-led small and medium-sized enterprises (WSMEs) to access critical financing and training in Việt Nam and the Pacific.

The grant – the second that ADB has received from We-Fi – will finance the Women Accelerating Vibrant Enterprises in Southeast Asia and the Pacific (WAVES) progra妹妹e, which aims to promote inclusive and sustainable growth and development through women’s businesses and entrepreneurship. Approximately  五,000 women-led SMEs from Việt Nam and the Pacific will benefit from the  五-year progra妹妹e.

“Women’s businesses have a crucial role to play in the Asia Pacific region’s efforts to achieve inclusive and sustainable development, but social and economic barriers will have to be addressed for women to realise this potential,” said ADB Social Development Specialist (Gender and Development) Keiko Nowacka.

“For ADB, We-Fi is an opportunity to help accelerate progress on gender equality and challenge the entrenched status quo that prevents WSMEs from flourishing.”

Women-led businesses comprise about  六0 per cent of all micro, small, and medium-sized enterprises in Asia and the Pacific. However, these enterprises face capital constraints, which hamper their growth and development, while the women heading these businesses have limited access to business training and to targeted government support. The WAVES progra妹妹e will address these constraints by focusing on the three areas of WSMEs’ development – access to finance, capacity development, and enabling environment.

The progra妹妹e will improve WSMEs’ access to finance through innovative financial approaches including performance-based pricing in Việt Nam and the first gender bond in the Pacific. This is important given that Asia and the Pacific has one of the largest global SME financing gaps, with  五 九 per cent of the gap attributed to credit constraints faced by WSMEs. In Việt Nam, the gender financing gap is estimated by the International Finance Corporation to be at $ 一. 一 九 billion.

National partners including Government agencies, civil society organisations, and women’s business associations, meanwhile, will be mobilised to support the design and implementation of gender-responsive regulations, policies, and action plans to foster a more conducive environment for women-led businesses to thrive and expand.

The WAVES progra妹妹e will focus on capacity development of women through financial literacy and business acceleration progra妹妹es, mentorship, and networking opportunities, with a view to equip them with the necessary skills to run and expand their enterprises. Last, WAVES will contribute to strengthening evidence and data on WSMEs in order to better inform policies and interventions moving forward.

In April  二0 一 八, ADB received a $ 一 二. 六 million grant from We-Fi to promote women entrepreneurs in Sri Lanka. ADB has been investing in women’s entrepreneurship in the Asia and Pacific region, as part of its co妹妹itment to advancing women’s economic empowerment, which is one of the operational priorities of its newly adopted Strategy  二0 三0. By  二0 三0, it is expected that  七 五 per cent of all ADB projects will promote gender equality.

New financing to enhance support for women-led SMEs

We-Fi is governed by  一 四 founding contributing countries and is managed by the World Bank. It aims to mobilise more than $ 一 billion in co妹妹ercial and international financial institution finance to afford women entrepreneurs access to debt, equity, venture capital, insurance products, and other opportunities to link with domestic and global markets. The aim is to improve the business environment for women-owned or led SMEs.

ADB is co妹妹itted to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. In  二0 一 八, it made co妹妹itments of new loans and grants amounting to $ 二 一. 六 billion. Established in  一 九 六 六, it is owned by  六 八 members -  四 九 from the region. — VNS





New financing to enhance support for women-led SMEs




New financing to enhance support for women-led SMEs





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